Rolling Stone outed Hillary Clinton, but not on her sexuality. On that, we must continue to speculate.
However, Rolling Stone exposed Hillary Clinton’s duplicity with Big Banks.
As Rolling Stone notes, Anderson Cooper of CNN began with a key question to Hillary Clinton about her plan to rein in Wall Street and the big banks:
“Just for viewers at home who may not be reading up on this, Glass-Steagall is the Depression-era banking law repealed in 1999 that prevented commercial banks from engaging in investment banking and insurance activities. Secretary Clinton, he raises a fundamental difference on this stage. Sen. Sanders wants to break up the big Wall Street banks. You don’t. You say charge the banks more, continue to monitor them. Why is your plan better?”
Now before we get into Hillary’s response, we must remember what the real first black president did.
The Rolling Stone article continues:
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Backing up: When Bill Clinton took office, it was still illegal in the United States for commercial banks to merge with investment banks and insurance companies. But toward the end of Clinton’s second term, he signed a bill called the Gramm-Leach-Bliley Act that essentially created Too Big to Fail “supermarket” banks like Citigroup.
This isn’t the only reason the financial system is so dangerous now. There’s also the matter of the extreme interconnectedness of the financial services industry. This problem came violently into play in 2008, when the failure of a single idiot investment bank, Lehman Brothers, caused a chain reaction that nearly blew up the whole financial system.
This latter problem was partially a consequence of another Clinton-era law, the Commodity Futures Modernization Act, which deregulated derivatives like swaps that were the agent of many of those chain-reaction losses.
In short, Bill Clinton (and many other Leftists in Congress) are the real reason for the banking problems. And the so-called 80’s explosion in wealth was crony capitalism and campaign payola for the money received by the Clintons.
What was Hillary’s response to the question posed by Cooper?
“Well, my plan is more comprehensive. And, frankly, it’s tougher because of course we have to deal with the problem that the banks are still too big to fail. We can never let the American taxpayer and middle-class families ever have to bail out the kind of speculative behavior that we saw. But we also have to worry about some of the other players: AIG, a big insurance company; Lehman Brothers, an investment bank. There’s this whole area called ‘shadow banking.’ That’s where the experts tell me the next potential problem could come from.”
Her answer was no answer. As the writer points out:
First, it’s definitive now that Hillary has no intention of reinstating Glass-Steagall. Cooper gave her a prime opportunity Tuesday night to announce otherwise, stories have filtered out of her campaign that she has no plans along those lines, and she’s explicitly stated that she wants to find a “different way” to reduce risk.
The second and probably more important observation is about Hillary’s rhetorical choices.
Hillary, like her close advisor Barney Frank, has been pushing an idea that banks aren’t at the root of any financial instability problem. Last night, she pointed a finger instead at “shadow banking,” non-bank actors like AIG, and a dead investment bank in Lehman Brothers. (Interesting she didn’t mention a still-viable investment bank like Goldman, Sachs, which has hosted her expensive speaking engagements.)
These are great observations by an obvious Leftist. This writer is likely from the Occupy Wall Street crowd, and somebody who recognizes the cozy relationship that Hillary Clinton has with banks, as well as “shadow banks.”
There is a reason the Clintons went from really dead broke to being worth over $100 million, and it’s not from bucking the system that feeds them.
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